March 30, 2021 | Big Moves

Renewable Power Capital (RPC) has collaborated with Benbros Solar in a 50:50 joint venture to develop solar projects in Spain. They will set up to develop 14 solar projects and work on a cumulative project portfolio of 3.4GW. The projects will be set up in regions of Andalucía, Extremadura, Castilla la Mancha, Aragon and Murcia.

Renewable Power Capital is a pan-European renewable energy investment platform established in 2020, backed by Canada Pension Plan Investment Board (CPP Investments). CPP Investments has committed up to €245 million to its UK-based platform – Renewable Power Capital Limited (RPC), in support of RPC’s first investment in renewables in Europe.

This marks RPC’s entry into the renewable energy market of Spain through the joint venture. Benbros is led by Rafael Benjumea, the founder of FRV, which was founded in Spain in 2005.

Spain aims to develop renewable energy capacity of 50 GW by 2025. In January 2021, Spain announced the allocation of about 3 GW of renewable energy capacity in its first renewable energy auction since 2017. The auction was conducted by the Ministry for the Ecological Transition and witness the awarding of 2 GW of solar capacity. Additionally, the Ministry also allotted about 1 GW of wind energy under the auction.